[Trix]

$2.28 in bitcoin wagered to win $117.42.

+5152 odds.

Someone made a "give me gambling info" post awhile ago.

This is the way to learn to gamble. Try to turn $20 into $200.

Bet small amounts you can afford to lose to gain experience & learn the game.

 

[kantowrestler]

Isn't one bitcoin worth something like $1000 nowadays and only going up?

 

[Trix]

1 bitcoin is $19k.

Bitcoin

Bitcoin USD price, real-time (live) charts, news and videos. Learn about BTC value, bitcoin cryptocurrency, crypto trading, and more.

www.coindesk.com

If there are cross platform arbitrage (ARB) plays left. Those are an ok way to make $$. The way it works is bitcoin might trade for $19k on one exchange and $18.5k on another. Buy bitcoin @ $18.5k transfer BTC to the other exchange. Sell for $19k. Move funds to buy at $18.5k again.

Back in the day before cross platform ARB loopholes were closed it used to be possible to consistently gain 20% or more on price difference. And it was possible to do multiple trades in one day to compound interest.

...

I haven't been actively trading. But I have seen people profit $50k+ off one trade. There are people making decent cash out there who don't talk about it much.

 

[kantowrestler]

That's some interesting trading practices. Sounds like a legal version of a boiler room essentially.

 

[Trix]

Cross platform ARB in crypto is basically what investment banks do with high frequency (HFT) algorithmic trading in dark pools etc.

Its similar to ICOs (initial coin offerings) in crypto which are like accredited investor opportunities that used to be available to anyone until they became regulated.

Trading wise, this didn't happen in crypto but it is cool.

Williams won the 1987 World Cup Championship of Futures Trading from the Robbins Trading Company, where he turned $10,000 to over $1,100,000 (11,300%) in a 12-month competition with real money. Ten years later, his daughter, actress Michelle Wiliams, won the same contest.

Larry R. Williams - Wikipedia

en.wikipedia.org

 

[kantowrestler]

All of that is very interesting.

 

[Trix]

 

[kantowrestler]

That is wrong is no many ways.

 

[Trix]

1 bitcoin is $19k.

1 bitcoin is worth $36k.



Ben Askren and Firas Zahabi must be profiting right now.

 

[kantowrestler]

It will keep going up until they've all been sold.

 

[kantowrestler]

Yeah though bitcoin at present is more like gold in that it's treated like personal property by most governments.

 

[Trix]

Every 3 to 4 years. Mining rewards of bitcoin halve.

Its like the US mint printing half the number of bills on 3 - 4 year cycles.

Artificially created scarcity -> value appreciation. One reason why bitcoin is known as a deflationary currency.

Looking at a chart of bitcoin its price makes big moves upward on 3 to 4 year plans in response to it becoming a scarcer commodity.

Its total supply of coins is also algorithmically limited. Which in theory should prevent it from being overprinted, devalued or hyperinflated.

 

[kantowrestler]

In other words bitcoin isn't worth it?

 

[Trix]

What makes you think its not worth it?

Its one of very few inflation protected assets in the world.

In today's rapidly expanding inflationary economy that is worth acknowledging.

 

[kantowrestler]

Yeah I've though about investing in bitcoin in the past but I'm just leary about buying something that only exists in the digital plain. To me there's something a little iffy about it which is why I've always been hesitant. Not to mention the fact that I just don't have a whole lot of money at my disposal.

 

[Trix]

Bitcoin was designed and built by world class computer experts.

Who were mad about the 2008 economic meltdown, the subprime mortgage crisis, bank bailouts and the mayhem that followed.

Their goal was to build a type of digital money (bitcoin) that is safer, more stable and superior to existing cash to try to prevent disasters like the 2008 economic crisis from re-occurring.

Its definitely worth looking into although it could be too late to seriously invest in it.

People used to give it away for free thinking it would never be worth anything.

 

[kantowrestler]

Well it didn't stop COVID from causing another recession so didn't work in that regard.

 

[Trix]

This guy seems to have turned $600k into $7 million buying bitcoin.

Says some interesting things to cap it off. Good content.

Well it didn't stop COVID from causing another recession so didn't work in that regard.

It was never designed to deprive people of choice.

To prevent recession, when many were determined to support every policy and candidate that was pro recession.

Promoting unionization of amazon and the UFC are measures which inevitably lead to recession, which is why I've always opposed both.

 

[Divetra]

This is an interesting betting tactic. But looking how the bitcoin worth is increasing, I think that is more optimal to keep it, until its price reaches the peak. Cryptocurrency is the future right now, and you should better invest in Bitcoin, than spending money on betting. I am quite familiar with this gambling industry, I even used an online casino platform for a while, so I know how this field work. But anyway, everyone has its point of view, so if you feel that what you are doing is right for you, then good luck.

 

[Giannaapom]

I like your challenge; I would be happy to participate in it. Sports betting is a hobby for me. I've never regretted losing money. I wanted to force myself to love other sports. I bet on the UFC, even though I don't know anything about the UFC. I once bet on a fighter I'd never heard of before. And I was lucky; I won about 700 bucks. I was glad that the unknown fighter had made me a little rich. I was very sorry that I didn't bet more, so I could have won a couple of thousand dollars. Be careful with your bets; you have to be able to manage the risks.